TORONTO, Jan. 31 /CNW/ - Odyssey Resources' (TSX-V: ODX) Board of
Directors is pleased to announce changes to the Company's strategy and
structure that will move the Company toward its objective of becoming a
leading mineral exploration and development company in Morocco. Additionally,
the Board is pleased to announce the appointment of Mr. George Mihaleto as
Chief Executive Officer of the Company.
Moving forward, Odyssey will focus on developing its existing properties
and acquiring additional licenses in prospective areas in Morocco, a
geologically diverse country with excellent mineral potential. Morocco has a
number of mines currently producing silver, lead, zinc, copper and cobalt, and
is the world's third largest producer of phosphates.
Odyssey's plans for the first half of 2007 include:
1. Advance the Alous copper-silver deposit through completion of a
2. Define new drill targets in the immediate vicinity of Alous to
increase the existing resource;
3. Assess remaining copper-silver deposits and known targets across the
Anti Atlas property, in the Imin Irfi - Talat N'Ouamane - Tiferki -
Tizert corridor in particular, a mineralized horizon with a strike
length of more than 20 kilometres. Please refer to:
http://www.odysseyresources.com/maps/Alouslicense_nov2006.pdf to see
the locations of these deposits;
4. Apply the geological expertise Odyssey has developed to other areas
across the Anti Atlas Proterozoic basin to assess and acquire new
5. Acquire licenses over areas prospective for uranium and evaluate the
sedimentary basins that host them to delineate additional targets;
6. Continue to identify new opportunities covering a variety of metal
commodities in locations across Morocco.
In Turkey, Odyssey is awaiting the results of the Independent Resource
Estimate on its Tavsan gold deposit, following which Odyssey will evaluate its
options. In addition, the Company announces that it is in discussions with a
number of industrial mineral companies regarding the development of its
bentonite clay property located on Turkey's Black Sea coast. Options include
Odyssey retaining an equity interest or royalty in the property or an outright
Effective immediately, Mr. George Mihaleto has been appointed CEO. Mr.
Mihaleto joined Odyssey in June 2006 as Business Development Manager, and has
assumed a leadership position in increasing the Company's exposure amongst
investment communities in North America and Europe.
Mr. Mihaleto is an attorney by training with years of experience in the
metals and mining sector. Mr. Mihaleto previously served as a metals trader
for Glencore International AG and as General Manager of Marketing for
Anglovaal Mining, a position he held for five years. He holds a Law degree and
completed an International Management Diploma at Henley University in the
Odyssey's Board of Directors announces that Mr. Avrom Howard, MSc, PGeo,
will become the Company's Vice President, Exploration, effective immediately,
in order that he may focus exclusively on advancing and further developing
Odyssey's Moroccan program.
Odyssey announces that as part of his compensation package, Mr. Mihaleto
has been granted 913,000 stock options. The stock options are subject to a
four-month hold period and will be vested in stages over an 18-month period,
in accordance with the policies of the TSX Venture Exchange. These options
will expire five years from the Date of Grant and have an exercise price of
$0.15 per share.
Odyssey Resources Limited is a Canadian-based junior mining company
dedicated to becoming the leading mineral exploration and development company
in Morocco. The Company is developing a copper-silver property hosting several
known deposits in the heart of a large, unexplored copper-silver belt in
Morocco, a country that hosts several world class mineral deposits.
The statements made in this Press Release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual events
or results could differ materially from the Company's expectations and
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
For further information:
For further information: please refer to the Company's website
www.odysseyresources.com or contact: George Mihaleto, Chief Executive Officer
OR Avrom Howard, Vice President, Exploration, and designated Qualified Person,
Odyssey Resources Limited, 144 Front Street West, Suite 780, Toronto, Ontario
M5J 2L7, Phone: (416) 362-6955, email@example.com,